Korea Placed on EU Blacklist of 17 Tax Havens

They are: American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, St. Lucia, Samoa, Trinidad & Tobago, Tunisia and United Arab Emirates. "This list needs to be effective, meaning that it needs to allow us to impose sanctions so that those who don't respect rules will change their behavior". "No one must get a free pass", he added.

Other critics pointed to other countries missing from the list, such as the Bahamas, Malta, Ireland and the British Virgin Islands - to mention just a few.

The list was made on the basis of three main components: tax transparency, fair tax competition and implementation of Base Erosion and Profit Shifting (BEPS), which is a way of battling tax avoidance created by the OECD.

Eight jurisdictions were not fully assessed because they were badly hit by the hurricanes in summer 2017 and were given until early 2018 to respond to the EU's concerns.

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"There's still a number of countries which entered into commitments as regard to good tax governance and we will be following up [on] those commitments", European Commission Vice President Valdis Dombrovskis told reporters in Brussels on Tuesday ahead of the meeting.

Eurodad, the European Network on Debt and Development, criticised the EU for the lack of will to look at its own member states.

Smaller, low-tax, European Union member states such as Luxembourg, Ireland and Malta were concerned about discouraging multinational corporations with the United Kingdom fighting hard against the blacklist since its own crown independencies such as the Virgin Islands could be potentially jeopardized.

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"Tax havens will not disappear from our radars and we will keep the pressure on", he said.

The Council concluded that these countries are non-cooperative jurisdictions for tax purposes because they did not meet Council criteria established in November 2016 and did not provide a sufficient commitment to meet these criteria in the future.

The papers made public some of the intricate ways the world's richest individuals and entities evade paying taxes using offshore havens.

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He explained how the Trump administration would deal with the situation if Pakistan turned down Washington's request to destroy safe havens.

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